BPO HAS ENABLED MANY COMPANIES IN DEVELOPED NATIONS TO CUT COSTS BY RELOCATING SERVICES TO REGIONS WITH LOWER EXPENSES.
BUSINESS PROCESS OUTSOURCING
BY ROMMEL REGINO, INSPIRO
ILLUSTRATION PROVIDED BY ADOBE STOCK
NAVIGATING THE FUTURE OF BPO
BPO COMPANIES FACE TREACHEROUS GLOBAL TRADE SHIFTS.
For decades, global trade has thrived thanks to reduced tariffs and the promotion of free trade, largely shaped by the General Agreement on Tariffs and Trade( GATT) established in 1947, which evolved into the World Trade Organization( WTO) in 1995.
However, contemporary economic trends reveal a resurgence in mercantilism: a strategy from the 16th to 18th centuries focused on maximizing exports and minimizing imports through local resources and high tariffs on foreign goods.
BPO HAS ENABLED MANY COMPANIES IN DEVELOPED NATIONS TO CUT COSTS BY RELOCATING SERVICES TO REGIONS WITH LOWER EXPENSES.
In today’ s economy, the emphasis is heavily on services. Business process outsourcing( BPO) has become a key player, with countries like the Philippines providing contact center services to leading global brands and a workforce of over a billion globally engaged in BPO roles, according to PwC.
This sector plays a critical role across industries, helping to significantly lower operational costs. Any introduction of tariffs or trade barriers, like we have seen introduced, raised, and contested, could substantially disrupt this landscape.
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